In the week ended on Friday, 28 June 2024, the S&P BSE Sensex advanced 1,822.83 points or 2.36% to settle at 79,032.73. The Nifty 50 index added 509.50 points or 2.17% to settle at 24,010.60. The BSE Mid-Cap index advanced 0.42% to close at 46,158.35. The BSE Small-Cap index rose 0.54% to end at 52,219.52.

Weekly Index Movement:

Indices clawed their way back after a shaky start on Monday, closing with modest gains. The barometer index, the S&P BSE Sensex, was up 131.18 points or 0.17% to 77,341.08. The Nifty 50 index rose 36.75 points or 0.16% to 23,537.85.

Domestic equity benchmarks soared to new highs on Tuesday, The barometer index, the S&P BSE Sensex, was gained 712.44 points or 0.92% to 78,053.52. The Nifty 50 index rallied 183.45 points or 0.78% to 23,721.30.

Domestic equity benchmarks continued their upward trajectory on Wednesday, marking their third consecutive day of gains. The barometer index, the S&P BSE Sensex, was up 620.73 points or 0.80% to 78,674.25. The Nifty 50 index gained 147.50 points or 0.62% to 23,868.80. Both the indices hit record closing high levels. The 50 unit index has risen 1.56% in three straight sessions.

Domestic equity barometers stocks notched gains for a fourth day on Thursday. The barometer index, the S&P BSE Sensex, was up 568.93 points or 0.72% to 79,243.18. The Nifty 50 index gained 175.70 points or 0.74% to 24,044.50.

The frontline indices reversed gains and ended with minor losses on Friday, snapping a four-day winning streak the barometer index, the S&P BSE Sensex, was down 210.45 points or 0.27% to 79,032.73. The Nifty 50 index shed 39.90 points or 0.14% to 24,010.60. The Sensex and Nifty clocked an all-time high of 79,671.58 and 24,174, respectively in morning trade.

Economy:

India's forex reserves dipped $2.9 billion to $652.9 billion in the week ending June 14th, according to the RBI. This follows a record high of $655.8 billion the prior week. The decline is mainly due to a $2.1 billion drop in foreign currency assets, now at $574.2 billion.

Gold reserves also fell by $1.0 billion to $55.96 billion. Special Drawing Rights (SDRs) decreased by $54 million to $18.1 billion. However, India's reserve position with the IMF rose $245 million to $4.6 billion.

India commenced a major telecom spectrum auction on Tuesday, 25 June 2024. This auction offers a total of 10,522.35 MHz of spectrum across various bands, valued at Rs 96,238.45 crore at reserve prices.

The spectrum licenses will be valid for 20 years, with the option for successful bidders to surrender them after a minimum of 10 years. To ease the financial burden, payments can be made in 20 equal annual installments with an interest rate of 8.65% that protects the Net Present Value (NPV) of the auction. This initiative aligns with the government's commitment to fostering affordable, cutting-edge, and high-quality telecommunication services for all Indian citizens.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.45%. The company announced that its power transmission & distribution (PT&D) business has secured a significant domestic order to build Solar PV Plant along with a Battery Energy Storage System (BESS).

Lupin rallied 4.18% after the company announced that it has received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its manufacturing facility in Somerset at New Jersey.

Cipla declined 3.83%. The company said that US Food and Drug Administration (USFDA) classified the inspection conducted at Patalganga, Maharashtra facility as Voluntary Action Indicated (VAI).

JSW Steel shed 1.03%. JSW Steel USA, a subsidiary of JSW Steel has planned to invest $110 million in steel plate mill modernization projects with sustainable technology and equipments within its manufacturing facilities in Baytown, Texas.

Tata Steel declined 2.78%. The company announced that it has acquired 14.28% stake or 1.25 crore equity shares with face value Rs 10 each aggregating to Rs 12.5 crore of Indian Foundation for Quality Management (IFQM).

Bajaj Auto slipped 1.14%. The company said that its wholly owned subsidiary Bajaj Do Brasil Comercio De Motocicletas Ltda has and commenced the commercial production at its new manufacturing plant at Av. do Turismo, Bairro Tarumă, Manaus, Brazil.

NTPC rallied 5.18% after the company said that its board of directors will meet on Saturday, 29 June 2024 to consider raising funds by way of issuing bonds or non convertible debentures (NCDs) upto Rs 12,000 crore.

State Bank of India rose 1.49%. The bank announced that it has raised Rs 10,000 crore through issuance of fifth senior unsecured long term infrastructure bond with a coupon rate of 7.36% p.a.

Dr Reddy’s Laboratories surged 6.61% after the firm’s wholly owned subsidiary, Dr. Reddy's Laboratories SA has entered into a definitive agreement with Haleon plc and its associate companies to acquire Nicotinell and related brands.

India Cements surged 26.76% while Ultratech Cement jumped 9.36% after Ultratech Cement said it will acquire 7.06 crore equity shares (23% stake) of India Cements at Rs 267 per share.

Global Markets:

The US consumer confidence index dipped slightly to 100.4 from a downwardly revised 101.3 in May, reflecting a more cautious outlook on business conditions, jobs, and income. This could signal potential headwinds for consumer spending, a key driver of economic growth.

China's industrial profits rose a meager 0.7% year-over-year in May, down from 4.0% growth in April.

Tokyo consumer prices rose in June. While headline Consumer Price Index (CPI) inflation rose to 2.3% year-on-year in June, compared to 2.2% in May, core inflation print that excludes both fresh food and energy prices, grew to 1.8% in June from 1.7% in May.